ST-JOHN'S, NF --Fortis Inc. has announced it has closed a transaction with Enbridge Energy Distribution Inc. ("Enbridge") to acquire Enbridge's 100 per cent interest in Cornwall Street Railway Light and Power Company Limited ("Cornwall Electric") for an aggregate cash purchase price of $67 million. Competition Bureau and Ontario Energy Board approval were received in advance of the closing.
Cornwall Electric is an Ontario-based electric transmission and distribution utility which supplies electricity to approximately 22,600 customers in the City of Cornwall, South Glengarry, South Stormont and the Ontario portion of the Mohawk Territory of Akwesasne.
Fortis Inc. is a diversified electric utility holding company with assets exceeding $1.7 billion and annual sales of more than $628 million. Fortis Inc. has holdings in five electric distribution utilities located in Newfoundland and Labrador, Prince Edward Island, Ontario, Belize and the Cayman Islands. It owns two subsidiaries engaged in electricity generation in New York State and Belize. Through its wholly owned non-utility subsidiary, Fortis Inc. has investments in real estate and hotel operations.
